MOH ready house

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Features

Shariah compliant financing

Shariah compliant financing, based on Murabaha

No down payment

The customer is not required to pay a down payment in cash. The land value will be considered as down payment.

REDF Coverage

REDF will cover profit portion of the finance up to a maximum finance amount of SAR 500,000 through Madoom subsidy Program.

Takaful Life Insurance

Free Takaful life coverage against death or permanent disability –God forbid- without any medical test for finance amount up to SAR 2,500,000.

Property Insurance

Free Takaful property coverage against fire and natural disasters such as floods, storms, earthquakes and resulting damages.

Debt Burden

Maximum debt burden ratio (DBR) is 65% out of the gross income.

Ministry of Housing (MOH) Ready House Finance is a product from The Saudi Investment Bank (SAIB) in collaboration with REDF which allows customers to purchase ready houses in projects developed by MOH. With this product, customers will be able select a ready property in any of MOH’s developed projects and get financing from the Bank to purchase the property under Murabaha principle.

Payment period

Finance amount

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Requirements

Please make sure you have the following requirements:

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Eligibility Criteria

For Saudis only
Age of applicant: minimum 21 years and maximum 70 years at maturity.
Minimum total salary per month: SAR 5,000
Applicant must be listed on the REDF’s and Ministry of Housing’s finance lists.
Employment: Working for an employer included in the Bank’s approved list of companies, retirees from the government, military or private sector.
- Service period:
  For Government Sector: 1 month with current employer.
  For Private Sector: 3 months with current employer.
- Applicant must open a Salary Account with SAIB.

Required Documents

Filled finance application form

Copy of National ID

Introduction letter from customer’s employer

Letter from MOH addressed to The Saudi Investment Bank specifying the price.

Salary transfer letter

Account statement of the last 3 months showing last 3 salaries, verified from the previous Bank for private and military sectors only

Copy of the “Work ID Card”specifying rank/position (to be taken post sighting of the original) – this is apply for armed forces as well (if applicable).

For more information and details, please contact our Flexx Call contact center at:

800-124-8000

Charges and minimum required balance

Standard SAIB loan administration fees. (1% of the finance amount up to a maximum SAR 5000) will apply.

This product comes with a complimentary salary account with no minimum balance requirements. The account also offers free cheque-book, mada Debit Card from The Saudi Investment Bank and access to SAIB Flexx Click Internet Banking, Flexx Call contact center and SMS Banking facilities..

Service Standards

Approval in principle within 24 hours (subject to complete documentation)
Completion of final approval and all related procedures within 12 working days provided all required documents are submitted on time.

An example of information that will be obtained when applying for a product

Property evaluation (SAR)

500,000

LTV %

90

Type of term cost

Fixed

APR %

6.07

Finance Tenor (Years)

15

Payment method